Electric bikes are expected to witness growth at a CAGR of 6% from 2016 to 2025 owing to zero carbon emission and low-cost mobility. Increasing prices of gasoline and diesel fuels are expected to attract more consumers towards using these environment-friendly e-bikes. Furthermore, rising population and traffic congestion are expected to fuel the demand for e-bikes, which, in turn, is likely to boost industry growth over the upcoming years.

Asia Pacific is projected to witness remarkable growth in light of increasing need for energy storage systems. Rising demand for renewable energy along with favorable support from the government for the development of solar and wind energy is anticipated to drive the usage of energy storage systems. The above-mentioned factor is expected to influence product demand over the upcoming years positively, and the market is estimated to be worth USD 39.42 billion by 2025.